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Business & Economy
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Business & Economy
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Republican bill threatens Chinese trade relations
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The top Republican focused on U.S. competition with China introduced a bill Thursday to end normal trade relations with Beijing.
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Rep. John Moolenaar (R-Mich.), who chairs the House Select Committee on the Chinese Communist Party, proposed revoking China’s Permanent Normal Trade Relations (PNTR).
The policy has been in place for more than two decades, but both Republican and Democratic lawmakers have accused Beijing of unfair trade practices.
President Biden maintained tariffs on Chinese goods that were introduced during the first Trump administration.
President-elect Trump has proposed slapping a 60 percent tariff on all Chinese goods. While the bill likely won’t be taken up in the lame-duck session, it offers the incoming Trump administration leverage in trade talks with Beijing.
“Last year, our bipartisan Select Committee overwhelmingly agreed that the United States must reset its economic relationship with China. Today, building on tariffs from the Trump and Biden Administrations, the Restoring Trade Fairness Act will strip China of its permanent normal trade relations with the U.S., protect our national security, support supply chain resilience, and return manufacturing jobs to the U.S. and our allies,” Moolenaar said in a statement.
“This policy levels the playing field and helps the American people win this strategic competition with the CCP [Chinese Communist Party].”
The Hill’s Laura Kelly has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Eighteen Republican attorneys general sued the Securities and Exchange Commission (SEC) and Chair Gary Gensler on Thursday for allegedly overstepping the agency’s authority in its enforcement actions against the cryptocurrency industry.
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Two prominent supporters of President-elect Trump’s campaign have emerged as the front-runners to lead the Treasury Department during his second administration.
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JPMorgan Chase CEO Jamie Dimon won’t join President-elect Trump’s administration and will remain leading the bank.
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Upcoming news themes and events we’re watching:
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Sanjay Wadhwa, acting director of the SEC’s division of enforcement, is slated to speak Friday at the Institute on Securities Regulation at 9 a.m. ET.
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Branch out with more stories from the day:
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MADISON, Wis. (AP) — The Wisconsin Department of Natural Resources has issued the first round of permits …
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Business and economic news we’ve flagged from other outlets:
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Trump Team Eyes Ex-Fast Food CEO Puzder to Lead DOL (Bloomberg)
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The Biden Reforms That Will Be First To Go (The Lever)
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The megadonors who fueled Trump and the Republican Party and what they may want in the next 4 years (CBS News)
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Top stories on The Hill right now:
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Former Speaker Kevin McCarthy (R-Calif.) predicted Wednesday that former Rep. Matt Gaetz (R-Fla.), President-elect Trump’s pick for attorney general, will not get confirmed by the Senate. Read more
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Elon Musk and Vivek Ramaswamy are set to take the reins of the brand new “Department of Government Efficiency” (DOGE) under President-elect Trump — a panel with bold ambitions of slashing government costs and restructuring federal agencies. Read more
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You’re all caught up. See you tomorrow!
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